Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Boeing Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The valuation metrics exhibit a distinct divergence between long-term revenue-based multiples and short-term profitability and asset-based ratios.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrates significant volatility throughout the period from March 2022 to June 2026. The ratio fluctuated within a broad range, hitting a minimum of 1.30 in September 2022 and reaching a peak of 2.27 in June 2025. While the ratio showed inconsistent movement between 2022 and 2024, a notable expansion occurred throughout 2025, followed by a moderate contraction in the first half of 2026, ending at 1.86.
- Price to Earnings (P/E) Ratio
- Data for the P/E ratio is available only for the final three quarters of the sequence. A consistent downward trend is observed, with the ratio declining from 97.12 in December 2025 to 94.81 in March 2026, and further decreasing to 83.79 by June 2026.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio mirrors the trajectory of the P/E ratio. Following a period of relative stability between December 2025 (42.88) and March 2026 (42.72), the ratio experienced a more pronounced decline to 38.07 in June 2026.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio reflects a steady contraction over the final three reported quarters. The ratio decreased from 33.65 in December 2025 to 30.45 in March 2026, concluding at 28.71 in June 2026.
The simultaneous decline in P/E, P/OP, and P/BV ratios during the 2026 period suggests a trend toward lower valuation multiples relative to earnings, operating profit, and book value. This contraction coincides with the cooling of the P/S ratio following its peak in mid-2025, indicating a general shift in market valuation of the company's fundamentals during the final observed periods.
Price to Earnings (P/E)
Boeing Co., historical P/E calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net earnings (loss) attributable to Boeing common shareholders (in millions) | ||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net earnings (loss) attributable to Boeing common shareholdersQ2 2026
+ Net earnings (loss) attributable to Boeing common shareholdersQ1 2026
+ Net earnings (loss) attributable to Boeing common shareholdersQ4 2025
+ Net earnings (loss) attributable to Boeing common shareholdersQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Boeing Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reflects a prolonged period of negative earnings followed by a transition to profitability in the final stages of the observed period. From March 2022 through September 2025, Earnings per Share (EPS) remained consistently negative, with significant volatility in the magnitude of the losses. A recovery phase is evident starting in December 2025, marking the first instance of positive earnings within the reported timeframe.
- Earnings Per Share (EPS) Trends
- Earnings remained in negative territory for sixteen consecutive quarters. The most pronounced losses were observed in September 2022 (-$14.17) and December 2024 (-$15.83). A pivot to profitability occurred in December 2025 with an EPS of $2.41, followed by slight incremental growth to $2.64 by June 2026.
- Share Price Volatility
- The share price exhibited substantial fluctuations throughout the period, moving between a low of $133.79 in September 2022 and a peak of $233.72 in December 2025. The price remained relatively resilient despite the extended period of negative earnings, showing a general upward trajectory from 2022 levels into 2026.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio was not applicable for the majority of the timeline due to negative earnings. Upon the return to profitability in December 2025, the P/E ratio appeared at a high of 97.12. A consistent downward trend is observed in the subsequent quarters, with the ratio falling to 94.81 in March 2026 and 83.79 by June 2026, indicating a compression of the valuation multiple as earnings stabilized.
Price to Operating Profit (P/OP)
Boeing Co., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Earnings (loss) from operations (in millions) | ||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Earnings (loss) from operationsQ2 2026
+ Earnings (loss) from operationsQ1 2026
+ Earnings (loss) from operationsQ4 2025
+ Earnings (loss) from operationsQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Boeing Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals a prolonged period of operational instability characterized by consistent negative operating profit per share from March 2022 through September 2025. A significant transition occurs in the final quarters of the period, where the company shifts from substantial losses to positive operating profitability, allowing for the calculation of valuation multiples.
- Operating Profit per Share Trends
- Operational performance was marked by extreme volatility and persistent losses for over three years. While some quarters showed improvement, such as the period ending December 2023 (-1.27), these gains were offset by severe declines in 2024, reaching a low of -14.27 in December 2024. A critical inflection point is observed on December 31, 2025, when operating profit per share turned positive at 5.45, maintaining a stable upward trajectory through June 2026, ending at 5.82.
- Share Price Behavior
- The share price exhibited significant fluctuations regardless of the negative operating results. Prices peaked at 232.80 in June 2023 and reached another high of 233.72 in December 2025. The lack of a direct correlation between quarterly operating losses and share price suggests that market valuation was driven by factors other than immediate quarterly operating profit during the loss-making period.
- Price to Operating Profit (P/OP) Analysis
- The P/OP ratio remained unavailable for the majority of the analyzed period due to negative operating profits. Upon the return to profitability in December 2025, the ratio emerged at 42.88. A subsequent downward trend in this ratio is observed, decreasing to 42.72 in March 2026 and further to 38.07 by June 2026. This compression of the multiple indicates that operating profit per share grew at a faster rate than the share price during the initial phase of recovery.
Price to Sales (P/S)
Boeing Co., historical P/S calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Revenues (in millions) | ||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Boeing Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Sales (P/S) ratio exhibits significant volatility over the analyzed period from March 31, 2022, to June 30, 2026, reflecting a fluctuating relationship between market valuation and revenue generation.
- Share Price Dynamics
- Equity pricing demonstrates a non-linear trajectory, characterized by distinct cycles of contraction and expansion. A notable trough occurred in September 2022 at 133.79 US$, followed by a recovery phase that peaked in June 2025 at 226.08 US$. The price remained relatively elevated above 220 US$ throughout the first half of 2026, indicating a sustained higher market valuation toward the end of the observed period.
- Sales per Share Trends
- Revenue per share showed a steady upward trend from March 2022 (103.21 US$) through December 2023, where it reached a peak of 127.50 US$. However, a sharp contraction is evident in late 2024, with sales per share dropping to a period low of 88.68 US$ by September 30, 2024. Following this decline, a recovery trend emerged, with values returning to 118.93 US$ by June 30, 2026.
- Price to Sales (P/S) Ratio Analysis
- The P/S ratio fluctuated between a minimum of 1.30 in September 2022 and a maximum of 2.27 in June 2025. During the 2022-2023 period, the ratio remained relatively stable, generally oscillating between 1.40 and 1.90. A significant shift occurred in late 2024 and early 2025; despite the sharp decline in sales per share, the P/S ratio expanded, peaking at 2.27. This suggests that the market maintained or increased the valuation multiple despite a temporary contraction in revenue performance.
- Valuation Correlation
- The divergence between revenue per share and the P/S ratio is most prominent between December 2024 and June 2025. During this window, the P/S ratio climbed from 1.98 to 2.27 while sales per share were still recovering from their lows. This indicates a period of valuation premium where the share price increased at a faster rate than the underlying sales growth. By mid-2026, the ratio stabilized at 1.86 as sales per share continued to normalize.
Price to Book Value (P/BV)
Boeing Co., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Shareholders’ equity (deficit) (in millions) | ||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Shareholders’ equity (deficit) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Boeing Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The financial data indicates a significant transition in the company's equity position, moving from a prolonged period of negative book value to a positive valuation by the end of 2025. This shift fundamentally alters the applicability of valuation multiples such as the Price to Book Value ratio.
- Book Value per Share (BVPS)
- A persistent negative book value per share is observed from March 2022 through September 2025, indicating that total liabilities exceeded total assets during this timeframe. The deficit reached its peak in September 2024 at -38.10 US$. However, a sharp recovery began in December 2024, with the deficit narrowing to -5.21 US$, and eventually crossing into positive territory in December 2025 at 6.94 US$. The positive trend continued through June 2026, reaching 7.72 US$.
- Share Price Trends
- The share price exhibited considerable volatility throughout the analyzed period. After hitting a low of 133.79 US$ in September 2022, the price saw multiple fluctuations, including a peak of 232.80 US$ in June 2023. Toward the end of the series, from December 2025 to June 2026, the price stabilized in the range of 221.56 US$ to 233.72 US$.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio remained undefined for the majority of the period due to the negative book value. Upon the transition to positive equity in December 2025, the P/BV ratio was recorded at 33.65. A subsequent downward trend is observed, with the ratio decreasing to 30.45 in March 2026 and further to 28.71 by June 2026. This decline is attributed to the steady increase in book value per share while the share price remained relatively stable, suggesting a gradual normalization of the valuation multiple.